Date:Thursday, May 13, 1999
Time:2 pm (ET)
Location:Senate Swamp
Sen. Chuck Grassley and Rep. Jim Nussle will hold a news conference to mark introduction on Thursday of legislation to help more agricultural states establish new beginning farmers finance programs. The legislation would expand a low-interest lending program that uses federal tax-exempt "aggie" bonds to finance low-interest loans made available through private lenders participating in the program.
Grassley first pushed for pilot projects in 1981 to establish the aggie bond program. It was re-authorized several times and introduced in other states during the 1980s. In 1993, Grassley won congressional approval to make the aggie bond program permanent.
The Iowa program is far and away the largest and most successful state aggie bond program. Over the life of the program, it has loaned a total of $262,306,794 to 2,603 qualified beginning farmers in the state.
A farmer from Hedrick, Iowa, who closed a beginning farmer loan last November will join Grassley and Nussle at the Thursday afternoon news conference.
Grassley is a senior member of the Finance Committee. Nussle is a member of the Ways and Means Committee.